Tether Makes $1B Bid to Acquire Juventus; Exor Says Not for Sale
Tether said on Friday it has submitted a binding, all-cash proposal to acquire Juventus Football Club, including the 65.4% controlling interest held by Exor, the Agnelli family’s holding company, for more than 100 years. If Exor accepts, Tether said it plans to launch a public offer for the remaining shares at the same price.
Juventus is publicly listed with a market capitalization of 944.49 million euros ($1.1 billion). The stock closed Friday up 2.3% at 2.23 euros ($2.62).
Agence France-Presse reported the proposal has been rejected, citing a source close to Exor who said “Juventus is not for sale.”
Tether outlines €1.1 billion investment plan
Tether said it is prepared to commit 1 billion euros ($1.1 billion) to support and develop Juventus if the transaction is completed. “Tether is in a position of strong financial health and intends to support Juventus with stable capital and a long horizon,” said Tether CEO Paolo Ardoino.
“For me, Juventus has always been part of my life,” Ardoino added. “I grew up with this team. As a boy, I learned what commitment, resilience, and responsibility meant by watching Juventus face success and adversity with dignity.”
Tether, the issuer of the USDT stablecoin, has expanded beyond its token business with investments in artificial intelligence, robotics and a health platform. The company first acquired a stake in Juventus in February and increased its holding to more than 10% in April.
In October, Tether nominated its deputy investment chief, Zachary Lyons, along with Francesco Garino, to Juventus’ board of directors. Shareholders approved Garino’s appointment to the board last month.
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